The Alberta Securities Commission (ASC) has cease traded an unlicensed trading firm on the suspicion that it’s carrying out a securities fraud.
The ASC said Thursday that it has issued an interim cease trade order against Ryan Steve Magee, David Wayne Magee and their company, Master Daytraders Inc., which prohibits them from trading securities or exchange contracts, and from promoting trading through the firm.
The order, which is in effect for 15 days unless it’s extended by the commission, comes amid concern that the firm may harm investors. It was issued after the regulator considered evidence from ASC staff “suggesting the Magees and Master Daytraders were involved in acting as dealers without the required registration, and suggesting they were involved in a course of conduct perpetrating a fraud on investors.”
The order is designed to prevent possible investor harm, given the length of time it would take to hold a formal hearing. There are no allegations against them yet, and nothing has been proven.